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“Balaji Telefilms Q4 FY2018 Results Conference Call” May 21, 2018

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“Balaji Telefilms Q4 FY2018 Results Conference Call” May 21, 2018 “Balaji Telefilms Q4 FY2018 Results Conference Call” May 21, 2018 Page 1 of 18 May 21, 2018 Balaji Telefilms Limited ANALYST: MR. NAVAL SHETH - EMKAY GLOBAL MANAGEMENT: MR. NACHIKET PANTVAIDYA – CHIEF EXECUTIVE OFFICER – ALTBALAJI AND GROUP CHIEF OPERATING OFFICER MR. SANJAY DWIVEDI – GROUP CHIEF FINANCIAL OFFICER – BALAJI TELEFILMS LIMITED MR. KARTIK SANKARAN - SENIOR VP - INVESTOR RELATIONS – BALAJI TELEFILMS LIMITED Page 2 of 18 May 21, 2018 Balaji Telefilms Limited Moderator: Ladies and gentlemen, welcome to the Q4 FY2018 results call of Balaji Telefilms hosted by Emkay Global Financial Services. We have with us Mr. Nachiket Pantvaidya, CEO, AltBalaji and Group COO, Mr. Sanjay Dwivedi, Group CFO, Balaji Telefilms and Mr. Kartik Sankaran, Senior VP - Investor Relations – Balaji Telefilms. As a reminder all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions at the end of today’s presentation. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Naval Sheth of Emkay Global. Thank you and over to you Sir! Naval Sheth: Good evening everyone. I would like to welcome the management and thank them for giving us the opportunity. I would now like to hand over the call to Mr. Nachiket Pantvaidya for the opening remarks. Over to you Sir! Nachiket Pantvaidya: Good evening everyone, thank you for joining us for Q4 FY2018 earnings call. I would like to start with giving you a very quick updated on how AltBalaji has performed in its first year of launch and then on our strategy and outlook for the business this years. Prior to the launch of AltBalaji, there were a number of doubts and queries in investors’ minds across three broad areas how can AltBalaji get users, will Balaji be able to create content that is different from its core TV segment and will monetization happen and can India have SVOD, Subscription Video-On-Demand business model. So let me go through all of these points one by one. On the user base we have ended the year with 1.2 million subscribers, which is nearly 20% more than what we had budgeted and the good news is that we have added nearly another million users in the last 45 days. We have been going at a rate of 20,000 to 30,000 paid subscribers a day, which means that if you take a year’s worth yield have added 10 million paid subscribers in a year, so this rate has gone up tremendously well especially in the last 90 days. These users are across both our app as well as through our telecom partner. The app has seen over 11 million installs and we have noticed that app user is one who wants a certain premium because he is paying Rs.300 a year so that user wants certain premium features like content download and a high quality user interface and is therefore willing to pay a premium for all of this. The users also like to use Wi-Fi as opposed to streaming on 4G or wherever telcos provide 4G or 3G. From the other end the telecom user does not pay us directly, but provides a large base of customers who start by sampling. So in effect the telecom strategy build on wide variety of sampling for us while providing as income and leading us to this base of 1.2 million now and even as we speak we are well above 2 million user and the acceleration is tremendous. Just to give you a point of data our revenue that we recorded for the last quarter is nearly as much as what we have done for Q1, Q2 and Q3 cumulatively put together os it is a kind of Q4 revenue is equal to Q1, Q2, Q3 and Q4 and the ongoing revenue run rate in this quarter will also be exponentially growing from where it is today. On content creation, we have rich Page 3 of 18 May 21, 2018 Balaji Telefilms Limited legacy of creating television content for 20 years and we believe that Indians who are the consumers remain hooked to good compelling story lines and themes irrespective of the medium that is available on. Our strength is to tell good stories by creating characters that lasted multiple seasons. We ended this financial year with 17 original drama shows across the diverse set of themes in story line making us a number one repository for original shows by a wide margin. Most other competition are still stuck at four, five shows where we have 17. As of date we have 20 plus shows not to mention three original kid shows and a host a short programming that is original. Our content strategy remains to create original content for what we have term individual viewing. Most of our Indian viewing is family viewing and there are no options for individuals to view viewer content. Most of this individual viewer is happening on mobile phones and that is where he want them. Today, television content is viewed by the family sitting together and needs to appeal to millions of people at the same time, but our medium that is OTT allows us to create great stories that can be consumed individually at any time. The big hits of the first year have been Dev DD, Ragini MMS 2.2. and Karrle Tu Bhi Mohabbat and each one resonates with a different subsegment of viewers. In the coming months, we will see over 100 hours of compelling content across various genres and story lines, all unified by the common thing of being great stories for individual viewers. Another frequently raised issue remains a routine OTT medium means creating youth content. Our data reveals that if you create excellent stories with the existing TV stars and good production values you are able to connect with the much larger and more importantly an audience that can be. So our TG is mostly 20 to 40 across shows like The Test Case and Bose using slightly aged up PGs, but shows like Puncch Beat and Class of 2017 are also giving us youth on our platform. In our experience the youth audience spend a lot of time online, but their ability to pay remains limited. Now data prices are coming also sharply. We hope this would allow for some redistribution of expenses towards content spend as well for which he will created relevant shows like the next season of Class of 2017 and Puncch Beat which is to go on on the app. To summarize the content strategy, we want to remain creating original fiction -based content that is slanted towards individual viewing. This year we will see returning seasons of shows like Ragini MMS, Dev DD, The Test Case, all of these will have second season and there is a host of new shows that are being planned. We will probably end this year with 24 new shows taking our library to anywhere between 40 and 45 shows across two financial years. Towards this we currently have over 50 concepts under various stages of development out of which 11 are on the floor of production and 39 are in the pre-prod writing stage and we will continue to receive new ideas and scripts on a daily basis. Our approach to creating and commissioning content remains tight to the monetization of such content and overall profitability of business. What this means is we will put out this content on the Page 4 of 18 May 21, 2018 Balaji Telefilms Limited app and we are sure that we have the capacity to slowly start recovering cost and turning the graph towards breakeven in year three. We set out to create a Subscription Video On-Demand, SVOD service given the original premium nature of our content and we continue to focus on this SVOD model. While the revenues for the year where at Rs. 6.8 Crores and they were lower than our budgeted estimates, the traction seen in the last 45 days indicates the stand and business comfort that SVOD remains the right way to build an OTT business in the country. Our current monthly revenue is nearly equal to the quarterly revenue of the last year and we only think this becomes better as we add more content and the telecom distribution partnership takes this content deeper into the 3G and 4G user base. We continue to operate a dual monetization strategy a direct B2C play wherein consumers download the app and then pay for the subscription. We have got a healthy 400,000 consumer base for this. The second is the B2BC play wherein we have deals with the telecom operators who subsidize the content cost to their end customers and allow the customers to watch this content within their own video apps. We believe both approaches are necessary and do not cannibalize each other and give us a wider reach and monetization potential. To use the telecom analogy, the B2C approach is like the postpaid consumer while the B2BC brings in the prepaid consumer and both consumer bring in revenue for us and not to mention that this saves a lot of marketing cost for us where we have to market to download and convert. Once you have a telecom partner each consumer that comes on in effect is a paying consumer for us. We have set ourselves a target to create a profitable SVOD business is three to four years of launch and we remain on track for that.
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